The Pag-IBIG Fund offers a specialized program known as the Home Saver Program to help borrowers manage their housing loans by restructuring missed payments. The program allows homeowners who are behind on their monthly payments to reorganize their loan terms. Whether you’re facing a temporary financial setback or simply need more manageable monthly payments, the Pag-IBIG Housing Loan Restructuring Program offers a way to regain control of your mortgage and avoid further complications such as foreclosure. If you’re a Pag-IBIG member who has fallen behind on housing loan payments, the Home Saver program can provide much-needed relief.
This program is accessible to all Pag-IBIG housing loan borrowers, including beneficiaries of the GLAD Program (Government Loan Assistance for the Disadvantaged) — except those with Housing loans under cancelled Contract-to-Sell (CTS) agreements, foreclosed properties, or accounts already owned by the Pag-IBIG Fund. The benefit of the Pag-IBIG housing loan restructuring program is that it offers options to extend loan terms, lower monthly payments, and provide flexibility for those in financial distress. This guide walks you through the steps and requirements for applying for the program.
Features and Benefits
Under the Pag-IBIG housing loan restructuring program, borrowers are allowed to adjust their loan terms by rescheduling the amortization payments, reducing the monthly payments, or adjusting the rates, making it a practical solution for borrowers to address missed payments while enjoying flexible and manageable repayment options. Some of the most notable features and benefits of this program include:
- Extended Loan Terms: Spread unpaid monthly dues across up to 30 years, lowering monthly payments for better financial planning.
- Flexible Interest Rates: Adjusted under Pag-IBIG’s Full-Risk Based Pricing Framework, ensuring competitive rates tailored to borrower needs.
- Eligibility for All Borrowers: Open to all Pag-IBIG Housing Loan holders, including GLAD Program beneficiaries, with minimal exclusions.
- Simplified Application Process: A step-by-step guide ensures ease of application, with dedicated support from Lingkod Pag-IBIG personnel.
- Avoid Foreclosure: Restructure payments to keep ownership of your property and maintain your financial stability.
- Adjustable Repayment Terms: Extend loan tenure based on age but not exceeding age 70 for maximum flexibility.
- Inclusive Coverage: Options available for employed, self-employed, and OFWs, with comprehensive support for legal heirs if necessary.
Target Beneficiaries
While the Home Saver Program’s Housing Loan Restructuring Program is designed to offer a chance to regain financial stability while keeping their homes to all Pag-IBIG housing loan borrowers who have fallen behind on their monthly payments and are now struggling with missed payments, there are specific beneficiaries who can benefit the most out of this program. These include:
- Current Housing Loan Borrowers: Individuals with existing Pag-IBIG housing loans seeking to adjust repayment terms.
- GLAD Program Beneficiaries: Members benefiting from government housing assistance programs who need more flexible payment options.
- Borrowers Nearing Retirement: Individuals who want to extend their loan term while managing lower monthly payments.
- Overseas Filipino Workers (OFWs): OFWs facing difficulties meeting payment deadlines due to fluctuating income.
- Self-Employed Borrowers: Entrepreneurs or freelancers needing to align payment terms with their income cycles.
- Legal Heirs of Deceased Borrowers: Family members inheriting financial responsibility for loans who require structured payment plans.
- Borrowers Avoiding Foreclosure: Those at risk of losing their property who wish to restructure their obligations to retain ownership.
Eligibility Criteria
To qualify for the Pag-IBIG Housing Loan Restructuring Program, applicants must meet specific criteria that ensure their eligibility for repayment adjustments.
- Active Pag-IBIG Membership: Borrowers must have an active Pag-IBIG membership status.
- Current Housing Loan Borrowers: Applicants should hold an existing Pag-IBIG housing loan account.
- Exclusions: Accounts with canceled Contract-to-Sell (CTS) agreements, foreclosed properties already sold, or properties owned by Pag-IBIG Fund are not eligible.
- Age Limitation: The restructured loan term must not exceed the borrower’s age when added to 70 years.
- Updated Documents: Borrowers must provide up-to-date proof of income, real estate tax receipts, and other required documents.
- No Fraudulent Activities: Applicants must have a clean record with Pag-IBIG Fund, free of fraud or misrepresentation.
Exceptions
Sure, the Home Saver Program is open to all Pag-IBIG housing loan borrowers who have fallen behind on their monthly payments. However, there are exceptions. These include the following:
- Borrowers whose loans have already been foreclosed,
- If the property has already been sold to another individual
- Borrowers whose loans are under canceled CTS agreements are not eligible to apply.
- If the property has already been acquired by the Pag-IBIG Fund, they cannot apply for restructuring.
Required Documents
To successfully apply for the program, borrowers need to provide several important documents. Here’s a detailed list of the necessary paperwork:
For the Borrower:
- Accomplished Request Form (HQP-HLF-703)
- One valid ID with a signature, such as a Driver’s License, Passport, or SSS Card.
- Proof of income – this could be a payroll statement, ITR (Income Tax Return), or audited financial statements for self-employed individuals.
- Updated Real Estate Property Tax receipt and tax declaration for the property.
- Special Power of Attorney (SPA) if applying through a representative.
For a Representative:
- If the borrower is appointing a representative, the representative will need to submit a notarized SPA, along with a valid ID of both the borrower and representative.
For Overseas Filipino Workers (OFWs):
- OFW borrowers must submit additional documents like a passport or seaman’s book reflecting entry and exit dates from the Philippines. For those in countries without the Apostille Convention, the SPA must be authenticated by a Philippine Consular Officer.
Required Documents Upon Approval
After your application has been reviewed and approved, you will need to submit the following documents:
- Promissory Note with Restructuring Agreement (two original copies, notarized)
- Authority to Deduct (for employees under salary deduction plans)
- Post-Dated Checks (PDCs) – 12 checks if the payment plan is through checks.
Steps to Apply for Pag-IBIG Housing Loan Restructuring
To start your application for the Pag-IBIG housing loan restructuring program, just follow these steps:
Step 1. Submit Your Application
The first step is to submit the Loan Restructuring Application Form (HQP-HLF-909). You will need to complete this form and gather the required documents, including an updated Real Estate Property Tax receipt and proof of income. Your Lingkod Pag-IBIG representative will guide you through the process.
Step 2. Request Statement of Account
You will need to request your Statement of Account from Pag-IBIG to help with the Loan Restructuring Evaluation Sheet. This will show the details of your missed payments and remaining balance, which will be used to assess your restructuring options.
Step 3. Application Review
Once your application is submitted, Pag-IBIG personnel will review and encode your information. A Payment Order Form will be generated if a down payment is required. This step is vital in finalizing your loan restructuring process.
Step 4. Approval and Documentation
After the application review, the Approving Authority will evaluate your request. If your application is approved, you will be asked to sign the necessary supporting documents. For Contract-to-Sell accounts, a Real Estate Mortgage may be pre-signed as part of the restructuring agreement.
Step 5. Finalize the Process
After completing all necessary documents, Pag-IBIG Fund will notify you of the status of your application. Once approved, you can move forward with your new loan terms.
Video: Regular Pag-IBIG Housing Loan Restructuring Program
The regular Pag-IBIG Housing Loan Restructuring Program under the Home Saver Program offers housing loan borrowers a second chance to manage missed payments. Whether you are employed, self-employed, or an OFW, the Pag-IBIG Fund offers a range of options for loan restructuring, making payments more manageable and homeownership more accessible and sustainable for Filipinos facing financial difficulties. For a detailed step-by-step guide on how to apply for the Pag-IBIG Housing Loan Restructuring Program, watch our video tutorial from Melroski TV. It explains everything from document requirements to the application process and will walk you through each stage to make sure you don’t miss any crucial steps in securing your restructured loan.